Original case file
ENHANCED DUE DILIGENCE — CLOSING MEMORANDUM
Subject: Kestrel Analytics Ltd
Formation: Delaware corporation, incorporated 8 April 2018.
Principal place of business: 1201 N Market St, Floor 8, Wilmington, DE 19801.
Registered agent: Delaware Trust Filings Inc., 1209 Orange St, Wilmington, DE 19801.
Beneficial ownership: Institutional. Largest holders are Fernbank Venture Partners (24%),
Lockstep Capital (19%), and founder Daniel Osgood (17%, contact 302-555-0166). No single
natural person exceeds the 25% beneficial ownership threshold; control person recorded as
Mr. Osgood in his capacity as CEO.
Business activity: B2B subscription analytics software sold to logistics operators. Revenue
is recurring annual contracts invoiced in arrears.
Expected activity: 30-50 monthly customer ACH and card receipts, $2,000-$85,000, plus payroll
and cloud infrastructure outflows. Observed activity conforms.
Disposition: CLEARED.